There are several factors to take into account when determining your home’s value and projecting how much it will sell for.
If you’re thinking about selling your home and need to know its market value and what you can expect to sell it for, there are a few steps involved in that determination.
Usually, we recommend that you have a real estate agent come to your home a few months before you plan on listing it so they can provide a comparative market analysis (CMA). Essentially, this calculates what homes have sold in your area over the past year. An agent that comes prepared will be able to show you all the previous sales of like properties in your subdivision within the last six to 12 months.
In addition to the overall sales price, we also take into account the price per square feet of the homes that have sold. If you take the average price per square foot of above-grade square footage and multiply it by your property’s square footage, that will provide you with a nice range of what your home will probably sell for.
Another factor to consider is timing. In the first and second quarter, you can expect to sell your home for anywhere between 2% and 8% more money than if you tried listing it in the third or fourth quarters.
The last thing to take into account is supply and demand. A really good agent will be able to make good recommendations in terms of when you should list your home to achieve maximum profit from its sale.
If you have any other questions about determining the value of your home or you’re thinking of buying or selling a home in our market, don’t hesitate to reach out to me. I’d love to help you.